UPDATE: Wunderlich Securities Reiterates on Yelp Due to Yahoo, YP Deals

In a report published Thursday, Wunderlich Securities analyst Blake T. Harper reiterated a Buy rating on Yelp YELP, and raised the price target from $90.00 to $105.00. In the report, Wunderlich Securities noted, “We are raising our estimates and price target on Yelp, Inc. (YELP) to $105 from $90 to account for its strategic deal with YP and its recent integration into Yahoo, Inc.'s (YHOO-NR) local search results. We expect Yelp to increase its sales productivity and reach by being able to utilize YP's 4,000 strong sales force (4x the size of Yelp's), its 575,000 local business advertisers and its mobile ad network. The Yahoo integration should also expand the reach of Yelp's content to a portion of Yelp's 800 million users (half of them mobile), with 25% of Yahoo's searches for local content. "In addition, the company upgraded its business page interface that should better distill the essence of the business and has posted strong traffic growth with 134 million monthly unique visitors.” Yelp closed on Wednesday at $77.30.